9 best banks and credit unions in the US

What you consider the “best bank” may not be what your neighbor considers the best. We’ve rounded up the best banks to bank with in the US sorted by individual needs, including SoFi®, Chase, Revolut and Bluevine.

9 best banks

1. SoFi: Best online bank
2. Alliant Credit Union: Best credit union
3. Varo: Best for cashback checking
4. UFB Direct: Best for savings
5. First Internet Bank: Best for CDs
6. Chase:Best for credit cards
7. Greenlight: Best for kids’ banking
8. Revolut: Best for travelers
9. Bluevine: Best for business checking

SoFi: Best online bank

SoFi is an online bank bursting with banking, lending and investing services. SoFi’s hybrid Checking and Savings account is its crowning jewel, with no monthly service fees and high APYs. Earn a decent 0.5% APY on your checking balance with no requirements and 1.2% to 4.6% APY on savings, depending on your activity. To earn the highest savings rate, you’ll need to set up direct deposit or deposit at least $5,000 each month. SoFi’s Invest brokerage account has no minimums and offers commission-free trading where you can trade stocks, options, exchange-traded funds (ETFs), mutual funds and more. SoFi’s lending options are vast too, offering personal, business and even student financing. And SoFi offers very high FDIC insurance coverage of up to $2 million. But as an online bank, SoFi doesn’t have any branches, though it does accept cash deposits at Green Dot ATMs for a $4.95 fee.

• Pros and cons

  Pros

  • No monthly fees on banking
  • Investing and lending
  • High APYs on checking and savings
  • High FDIC insurance

  Cons

  • $4.95 fee for cash deposits
  • No physical branches

Alliant Credit Union: Best credit union

If you’d rather bank with a not-for-profit institution, credit unions are probably your answer. Headquartered in Chicago and a mostly online institution, Alliant Credit Union has lenient membership requirements and great bank accounts. If you don’t live in one of its eligible communities, you can become a member of the Alliant Credit Union Foundation by making a one-time $5 donation. Alliant features competitive interest rates, low fees, a large ATM network and out-of-network ATM reimbursements. It also has teen checking and kid savings accounts, lending and investing services and CDs with high APYs. Its interest-bearing checking earns 0.25% APY with no monthly or overdraft fees, and the high-yield savings earns 3.1% APY with electronic statements. However, Alliant doesn’t offer business banking.

• Pros and cons

  Pros

  • No monthly fees
  • High-yield checking and savings
  • Teen checking and kids’ savings
  • Investing and lending services
  • Out-of-network ATM reimbursements

  Cons

  • Some membership requirements
  • No business banking

Varo: Best for cashback checking

Varo offers one of the highest and best cashback debit cards out there. Earn up to 6% cash back with select brands like Kohl’s, Popeyes, McDonald’s and Macy’s, earning up to $50 per billing cycle. Once you earn $5, Varo automatically deposits the cash back into your checking account. The checking account has no monthly fees, balance requirements or overdraft fees, either. Aside from the cashback debit card, Varo also offers a credit-building card called Varo Believe, a high-yield savings account that can earn up to 5% APY on up to $5,000 and cash advances if you meet deposit requirements. But as an online bank, you won’t have access to physical branches, and it doesn’t support joint accounts.

• Pros and cons

  Pros

  • Up to 6% cash back with Varo debit and Varo Believe card
  • No monthly fees on checking
  • High-yield savings
  • Cash advances and credit-building

  Cons

  • No joint accounts
  • No physical branches

UFB Direct: Best for savings

UFB Direct consistently has some of the highest rates on savings, offering up to 5.25% APY with its UFB Secure Savings account with no monthly fees or minimum balance requirements. It also offers a money market account with the same high APY of 5.25%. These rates are nearly 12 times higher than the national average rate for savings accounts, which sits at just 0.45%. However, UFB is an online banking platform and has no physical branches, but you can make cash deposits at select ATMs.⁽¹⁾

• Pros and cons

  Pros

  • High 5.25% APY on savings and MMA
  • No monthly fees or opening deposit required
  • No APY tiers

  Cons

  • No checking accounts
  • Online only

First Internet Bank: Best for CDs

The first online bank, First Internet Bank offers very high APYs on its various CD terms. There’s a $1,000 minimum opening deposit with rates as high as 5.26% APY on a 12-month CD. Like other banks, First Internet Bank charges early withdrawal penalties, and there are no monthly fees for these deposit accounts. First Internet Bank also offers personal and business checking and savings accounts, kids savings, health savings accounts and SBA loans. But as an online bank, you’ll get no in-person support. Also, plan on needing an opening deposit for its accounts, such as $100 for Interest Checking or $1,000 for CDs.

• Pros and cons

  Pros

  • High APYs
  • Personal and business banking
  • SBA loans, health savings and kids’ accounts
  • Out-of-network ATM reimbursements

  Cons

  • Often requires opening deposits for accounts
  • No physical branches

Chase: Best for credit cards

The biggest bank in the US with over $3 trillion in assets, Chase is undoubtedly one of the better banking options if you want variety, branch access and great credit cards. It offers dozens of credit cards, including personal and business lines. Some of the best Chase credit cards include the Chase Freedom Unlimited®, Chase Freedom Flex℠, Chase Sapphire Reserve® and Chase Sapphire Preferred® Card. The Amazon credit cards are also issued by Chase. Many of its credit cards don’t have annual fees, and its Visa and Mastercard cards are more widely accepted than Amex. You’ll likely need a good credit score of at least 670 to qualify for most of Chase’s cards, but its cashback, travel and business cards are top-tier. And unlike the banks on this list, Chase has a large branch network that provides in-person support when you need it. It also has a variety of personal and business banking options, as well as lending and investing services.

• Pros and cons

  Pros

  • Biggest bank in the US
  • Various personal and business credit cards
  • Cashback, travel and balance transfer cards
  • Large branch network
  • Banking, lending and investing services

  Cons

  • Often requires good credit to qualify for credit cards
  • Monthly fees on some bank accounts

Greenlight: Best for kids’ banking

Greenlight is one of the best kids’ banking options out there. With a starting cost of $4.99 per month, you can get Greenlight Core, which features five kids’ debit cards, strong parental controls, savings rewards, financial literacy education, chores and allowance features and much more. Greenlight’s pricer plans offer cashback rewards, higher savings rewards, access to its investing platform and more security features. The downside with Greenlight is the unavoidable monthly fee, but compared to other kids’ banking options, its cost is well in line with top competitors, and it has more features than most other options.

• Pros and cons

  Pros

  • Strong, custom parental controls
  • Up to five kids’ cards per plan
  • Chores and allowance, financial education and investing
  • Savings rewards and cashback rewards

  Cons

  • Best perks require higher-cost plan
  • Unavoidable monthly fee

Revolut: Best for travelers

Revolut offers international personal and business bank accounts. For both its personal and business options, there are plans with no monthly fees or opening deposit requirements. Revolut’s multi-currency accounts are designed for global spending, featuring monthly allowances for free currency exchanges, unlimited virtual debit cards and savings with high APYs. Also, having a personal Revolut account unlocks the fee-free Revolut <18 kid account. But as Revolut is an online fintech, it doesn’t have any physical branches, and to get the best APYs and perks, you’ll need a paid plan.

• Pros and cons

  Pros

  • Multi-currency account
  • Free plan options
  • High APYs
  • Kids banking with personal account
  • Unlimited virtual cards

  Cons

  • No physical branches
  • Best perks require paid plan

Bluevine: Best for business checking

Bluevine Business Checking is a top business account. The Standard plan has $0 monthly fees, and you’ll get high $3 million FDIC insurance, unlimited transactions, and earn up to 2% APY with activity requirements. Its two other plans, Plus ($30/month) and Premier ($95/month), have waivable monthly fees and higher APYs than Standard, such as Premier’s 4.25% APY on balances up to $3 million with no transaction or balance requirements. Additionally, Bluevine supports a lot of software integrations, including Cash App, Square, Venmo and Xero. There are barely any cons with Bluevine, except the 2.9% transaction fee to pay bills with a credit card, and it doesn’t have any branch locations.

• Pros and cons

  Pros

  • $0 Standard plan
  • Unlimited transactions
  • Earn 2% to 4.25%, depending on plan and activity
  • Various software integrations

  Cons

  • No branch locations
  • 2.9% bill pay fee with a credit card

Methodology: How we chose the best banks and credit unions

Finder’s banking experts compare hundreds of banks, credit unions and fintechs to find the best options. We use a variety of methodologies designed for different categories.

• Best checking account methodology

  Finder’s banking experts analyze more than 165 checking accounts before narrowing down the best. We factor in the following criteria:

  • $0 monthly fee, or option to waive the monthly fee
  • $0 minimum opening deposit
  • No strict membership requirements
  • Nationwide availability

• Best business checking methodology

  Finder’s banking experts research and analyze over 41 business checking accounts to find the best ones that offer perks and features helpful to businesses, such as software integrations, tax tools, interest, transaction limits and ATM access. We weigh these features against the account’s fees and opening deposit requirements.

  We also consider the following factors when choosing the best list:

  • Up to $15 monthly fees as long as there’s an easy way to avoid the fee, such as:
    • Balance requirements of no more than $2,000
    • Up to $100 minimum opening deposits
  • For interest-bearing business checking accounts, the APY must occur on high balances and at least $2,500 a month in deposit requirements

• Best savings accounts methodology

  When judging the best savings accounts, we look at major factors, including minimum opening deposits below $100, APYs and whether there are steep balance requirements to earn them. We choose accounts with the highest APYs and fewest requirements for our best list. When accounts are similar, we consider secondary features, such as additional fees, balance limitations or additional banking perks like optional ATM cards.

• Best CD methodology

  Finder’s banking experts analyze CDs from over 65 institutions to choose our best picks. We look at accounts that meet the following criteria.

  For our best overall highest CD rates list, we calculate the average of each bank’s 1-, 3- and 5-year terms when comparing APYs. The resulting average must be above 4% APY. For our best rates by term, we look at the highest rates.

  • Minimum opening deposits must be no more than $1,500
  • No membership requirements, unless it’s easy to join
  • Must be available in most states

• Best debit cards for kids methodology

  Finder’s banking editors research and compare more than 35 cards for kids. We rate kids’ debit cards using slightly different criteria to account for differences between checking accounts and prepaid debit cards for kids. We narrowed down our list to accounts that meet the following factors:

  • Monthly fee under $5.99
  • Accepts wide age range under 18
  • Features
    • Large ATM network or no ATM fees for checking accounts
    • Chore and allowance features
    • Strong parental controls with spending limits, alerts or overdraft protection
    • Companion app for monitoring
  • Availability
    • No strict membership requirements
    • Ability to open the account online

How do I find the best bank to bank with?

The best bank has all the products and services you’ll want — at an affordable price. To help narrow your search, keep these factors in mind:

• Products and services. What do you need from a bank? Checking and savings, kids’ banking, lending, investing or something else entirely? Some banks can do it all, but the right choice may come down to what a bank does best.
• APYs. You’ll find that the best high-interest savings accounts are at 5% APY or higher, such as UFB Direct’s savings account. The national average for savings accounts is 0.45%, so anything above that means you’re probably getting a great rate.
• ATM and branch access. If you depend on in-person banking or making ATM deposits and withdrawals, check the ATM network to see how many branches and free ATMs are offered. Some banks let you use out-of-network ATMs without tacking on an extra fee.
• Fees. Plenty of free bank accounts skip the monthly maintenance fees entirely, including SoFi. Additionally, credit unions tend to skip monthly fees.
• Account bonuses. If you’re switching banks, you may as well compare bank account bonuses. Most account or signup bonuses have some sort of deposit requirement, such as depositing $100 within a month or setting up direct deposit. But if you’re already going to move all your cash to a new account, you may as well get some bonus cash out of it.
• Reputation. Check customer reviews and ratings to get a sense of a bank’s reputation. Just take some reviews with a grain of salt — most people leave bank reviews if they’ve had a bad experience. We tend to locate fuller and more realistic customer feedback on places like Reddit or Trustpilot.

Online banks vs. physical banks: Which is better?

Online banks are better if you want high savings APYs and fewer fees. Since online banks don’t have to pay to manage physical branches, they can pass those savings onto their customers by offering deposit accounts with high APYs on savings products and often don’t charge monthly maintenance fees on deposit accounts.

On the other hand, physical banks are better if you handle cash and need to make regular deposits. Many online banks can’t accept cash deposits at all. Plus, brick-and-mortar banks have physical locations where you can meet with tellers face-to-face to resolve issues, talk about account options or handle wealth management services. Additionally, traditional banks like Chase or Wells Fargo generally offer more services, such as lending, investing, wealth management or business banking.

Ultimately, the choice boils down to your specific needs and expectations. If you haven’t been to a physical branch location in years, then you may as well go with an online bank for their higher APYs and affordable accounts. But if you want the best of both, look for an online bank that offers many ways to get a hold of customer service easily and accepts cash and mobile check deposits.

What about banks vs. credit unions?

The main difference between banks and credit unions is credit unions are member-owned and not-for-profit organizations. Banks are for-profit institutions and owned by shareholders.

Credit unions are the better option if you want to bank with a local institution and support your local community. And compared to banks, credit unions tend to have fewer fees on accounts. The catch with credit unions is you’ll have to qualify for a membership, which typically means living in a community they serve.

If you want an institution with multiple products and services and a wide reach, a traditional bank might be the way to go. Big banks can make branches and ATM networks across the country and don’t have membership requirements.

In terms of safety, reputable credit unions and banks both have deposit insurance. A bank’s deposit account is covered under Federal Deposit Insurance Corporation (FDIC) insurance up to $250,000 per depositor. Credit unions have National Credit Union Administration (NCUA) insurance also up to $250,000 per depositor. There are also banks with much higher FDIC insurance thanks to a network of program banks, like SoFi, that offers up to $2 million in coverage.

Good banks for a checking account

Most banks offer at least one checking account — it’s a must-have product for any institution. The best checking accounts have no monthly fees, early direct deposit, wide availability and some sort of rewards, like interest or cash back.

The best banks for checking accounts include SoFi, Chime, Chase, Capital One and Varo.

Dive deeper: Best checking accounts

Which bank is the safest?

No single bank stands out as the safest bank in the industry, but many banks offer a similar level of security. In general, banks that offer the following features should be considered safe.

• Deposit insurance. All reputable banks are backed by the FDIC for at least $250,000 in deposit coverage, and credit unions are backed by the NCUA.
• 256-bit encryption. Most banks have websites and apps that protect your personal data using this level of security.
• Multifactor authentication. The best banks and credit unions require more than simply a password to log in to your account.

Bottom line

When comparing top banks, consider the factors most important to your financial health. If you’re still not sure where to start, use our guide to bank accounts to figure out differences among accounts so you can understand what will work best for your situation or compare the best savings or checking accounts to find one that suits your needs.

For closer comparisons, see how banks stack up side by side:

• SoFi vs. Discover
• Chase vs. Bank of America
• Chime vs. Ally
• Banks like SoFi
• Banks like Chime

Frequently asked questions

What is the number one bank in the US?

The biggest bank by asset size is JPMorgan Chase. Along with having the most assets, Chase also has the largest network of around 4,700 branches across the US. The other big banks include Bank of America, Wells Fargo, Citibank, U.S. Bank and PNC Bank.

Which bank has the worst ratings?

Wells Fargo has one of the worst reputations among banks. It has a wide variety of checking, savings, credit cards and wealth management services, but it has paid millions of dollars in fines and penalties in the last few years alone. It also holds an F rating with the Better Business Bureau (BBB) and has seen thousands of customer complaints in the past three years.